"Enterprise Group, Inc. (“Enterprise,” or “the Company”) (TSX:E) is pleased to provide an update on the integration of Hart Oilfield Rentals Ltd. (“Hart”). The Company acquired Hart, one of Western Canada’s most highly regarded oilfield service providers, for a cost of $22.6 million.

Enterprise completed its acquisition of Hart on January 3, 2014, and has already made significant advancements towards the integration of this highly complementary new business unit. Highlights include:

- Hart’s vendors and chief executives, Gordon and Bonnie Hart, have both signed two-year management agreements with Enterprise. Five other Hart executives have also signed five-year management agreements, completing the transition of Hart’s senior management.
- Work has begun on a new Enterprise location in Fort St. John, British Columbia. This office is expected to house not only a new Hart office, but also offices for Artic Therm and Calgary Tunnelling & Horizontal Augering Ltd.(“CTHA”).
- Logistics are currently being streamlined to allow CTHA and Artic Thermto utilize Hart’s six existing locations – five in Alberta and one in British Columbia – resulting in both increased productivity and reduced transportation costs.
- Hart has commenced the utilization of inventory from Artic Therm in lieu of third party rentals, resulting in increases in operating margin.
- Enterprise is finalizing the purchase of new additions to Hart’s fleet of modular units. In total, Enterprise expects to deploy a total of$9.4 million towards developing this fleet. The Company’s work to date has confirmed its original estimate that a full year’s deployment of these new units could increase Hart’s annual revenue and EBITDA to $29.9 million and $12.0 million, respectively."